Salasar Techno Engineering share price jumped over 10% on Wednesday, extending rally for the third consecutive session, amid strong buying momentum. The penny stock surged as much as 10.3% to ₹10.07 apiece on the BSE. Salasar Techno shares have gained more than 16% in three sessions.
The rally in the smallcap stock Salasar Techno Engineering shares was supported by heavy volumes. Around 2 crore equity shares of Salasar Techno Engineering changed hands on stock exchanges on October 16, as compared to its one week average trading volumes of 76 lakh shares, and one month average trading volumes of 1 crore shares.
Salasar Techno Engineering recently announced the allotment of 2.11 crore equity shares to two of its promoters.
The company said the Finance Committee of its Board of Directors has approved the allotment of 2,11,80,000 fully paid-up equity shares of face value Re 1 each, pursuant to the conversion of an equal number of fully convertible warrants.
The shares have been issued at a price of ₹14.40 per share (including a premium of ₹13.40) to promoters Shashank Agarwal and Shalabh Agarwal under a preferential allotment, following the receipt of the balance consideration of ₹22.87 crore at the rate of ₹10.80 per warrant, the company said in a regulatory filing on October 13.
The warrants were originally allotted to both promoters and non-promoter/public categories at ₹14.40 per warrant. Holders had paid 25% upfront ( ₹3.60 per warrant) and were required to pay the balance 75% ( ₹10.80 per warrant) within 18 months for conversion into equity shares.
Following the share allotment, the company’s issued and paid-up share capital has risen to ₹174.79 crore, comprising 17,47,95,029 equity shares of Re 1 each.
The newly issued shares will rank pari-passu with existing equity shares. The company also noted that 3.25 crore warrants remain outstanding for conversion, with holders entitled to convert them into an equal number of equity shares within the prescribed timeline.
Salasar Techno Engineering Share Price Performance
Salasar Techno Engineering share price has risen 3% in one month and more than 27% in three months. The penny stock has fallen 27% on a year-to-date (YTD) basis, while it has declined 49% in one year. However, the smallcap stock has delivered a stellar 381% returns in the past five years.
At 11:35 AM, Salasar Techno Engineering share price was trading 6.90% higher at ₹9.76 apiece on the BSE.
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